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Recent sideways fluctuations, the bulls are losing strength, the upward momentum is clearly weakening like a fleeting bloom. Once the support is broken, it may accelerate downward.
Operation suggestion: Short around 650-655, target 640-630
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BTC suddenly rose by more than 1000 points, this kind of one-sided upward trend is very appealing to trend traders, allowing for continuous profits with minimal drawdown.
But I am a swing trader, and this kind of market is not suitable for me; I can only continue to wait.
There are two possible scenarios for BTC's adjustment: a rapid decline back to the moving average, or a long period of sideways movement.
To judge the timing of entry, focus on the MACD indicator, especially after the MACD double line death cross, when it falls back to near the zero axis (at least a half retracement), that will be the time to enter the market; for now, I will continue to observe.
Bitcoin has rebounded in the early morning, testing the upper resistance. After reaching 107965, it retreated and moved lower again. Attention needs to be paid to whether the lower level of 106700 can hold.
If it breaks, it will increase the intensity of the pullback; if it holds, it will oscillate in the range of 106700-108100, allowing for back-and-forth trading.
On the 4-hour chart, there have been three attempts to break through, but the upper resistance is strong, and the trend is still dominated by bears. Continue to short during the afternoon rebound:
• Short Bitcoin in the range of 107700-108000, with a target near 106000;
• Short Ethereum in the range of 2460-2480, with a target near 2380.
Morning reminder to pay attention to the 107000-108000 range. Currently, the market has surged to 107800 and then retreated, with clear pressure at the 108000 level. The four-hour chart shows a consolidation at high levels.
In terms of operations, at the current high level, we can look for a pullback. Bitcoin's current price is around 107700; consider shorting and watch the area near 107000.
The bearish outlook remains unchanged; continue to short at high levels and don't give up at the last moment.
In a slow rising market, if you want to short, a quick surge is still needed; after the surge, it will drop. 108000 might be the signal for that, after which a significant drop is expected.
The four-hour chart hasn't formed a nine consecutive rising candles; Ethereum and other altcoins are also struggling to rise, which is quite abnormal compared to previous markets. Other than Bitcoin, everything else is relatively weak, likely a trap for retail investors.
Short around 107500, with a target of 104000 for this swing trade, and a trend target of 95000. The weak trend of Ethereum remains unchanged; the short position near 2430 mentioned yesterday should be held.
The phase adjustment of Bitcoin has ended, and it may rise at any time.
Bitcoin has three consecutive daily gains, indicating that bulls are dominating the market, establishing an upward trend, with positive market sentiment and strong bullish expectations from investors.
At the same time, the daily MACD maintains a golden cross, and the bullish momentum continues to be released.
However, the RSI is close to the overbought zone at 68, indicating a significant short-term increase and a risk of correction.
Therefore, tonight's operation suggestion is to wait for a pullback to go long, buying in the range of 106000 - 106500.
The target price is initially set at 107500, and if it breaks through, then aim for 108500.
Ethereum has risen for two consecutive days, and the price is now around 2450. From the 1-hour chart, the upward channel of the Bollinger Bands is narrowing, as if it has closed the door to further increases;
The moving averages indicate that the momentum that previously drove the price up has been exhausted. If there is no new positive support, the price may drop to around 2350.
Today, we will focus on the resistance level above 2500.
Looking at the 4-hour chart, the MACD golden cross signal is weakening, and as the KDJ indicator retreats from the overbought zone, the likelihood of a decline increases.
Therefore, the overall suggestion is to short when the price reaches the resistance level.
Trading suggestion: Short in batches between 2490 and 2520 Target: Initially look for a drop to 2390 - 2350, and if it breaks below 2350, it may drop to 2290 Stop-loss price: Set at 2540